Audit plus malawi

This translates to approximately three years per audit cycle

There is no statute of limitations in Malawi, except for the mandatory seven-year period for keeping records

The tax authorities have recently focused on transfer pricing and have consequently established a unit responsible for this

Under the Public Accountants and Auditors Act of 2012, the Malawi Accountant Board (MAB) is responsible for quality assurance (QA) reviews of audits of financial statements

In 2017, ICAM completed a self-assessment of the MAB’s QA review system and reports that system is compliant with SMO 1 requirements

Auditors in Malawi are subject to the regulation and oversight of the Malawi Accountant Board (MAB) and the regulation of the Institute of Chartered Accountants in Malawi (ICAM)

All auditors must be a Practicing Accountant member of ICAM and registered with the MAB in order to practice